Ecopetrol SA (EC) 2025 Q3 法說會逐字稿

Good morning. My name is Natalia, and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results of the second-quarter of 2025. (Operator Instructions)

早安.我叫娜塔莉亞，今天將由我來為您接聽電話。歡迎參加Ecopetrol的獲利電話會議，我們將討論2025年第二季的主要財務和營運表現。（操作說明）

Before we begin, it is important to mention that the comments in this call by Ecopetrol's senior management include projections of the company's future performance. These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call.

在開始之前，需要指出的是，Ecopetrol 高階管理層在本次電話會議中的發言包含了對公司未來業績的預測。這些預測並不構成對未來結果的任何承諾，也沒有考慮到可能的風險或不確定性。因此，如果未來的結果與本次電話會議中分享的預測有所不同，Ecopetrol 不承擔任何責任。

The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol; Rafael Guzman, Executive Vice President of Hydrocarbons; Camilo Barco, CFO; and Bayron Triana, Executive Vice President of Transition Energies.

本次電話會議將由以下人員主持：Ecopetrol 執行長 Ricardo Roa 先生；碳氫化合物執行副總裁 Rafael Guzman 先生；財務長 Camilo Barco 先生；以及轉型能源執行副總裁 Bayron Triana 先生。

Thank you for your attention. Mr. Roa, you may begin your conference.

感謝您的關注。羅阿先生，您可以開始您的會議了。

Welcome to Ecopetrol group's third-quarter 2025 earnings call. Over the last nine months, we have been focusing our efforts on reinforcing our core business operation, maintaining a strict financial discipline, and advising profitable on strategic projects, driven by energy transition and security for the country. These pillars have enabled us to effectively navigate and successfully face volatility in crude oil market, the sites, exchange rates fluctuations, mitigating external pressures, remaining strongly aligned toward achieving our 2025 strategy objectives.

歡迎參加Ecopetrol集團2025年第三季財報電話會議。在過去的九個月裡，我們一直致力於加強核心業務運營，保持嚴格的財務紀律，並為國家能源轉型和安全驅動下的盈利性戰略項目提供諮詢。這些支柱使我們能夠有效地應對原油市場波動、場地變化、匯率波動，減輕外部壓力，並始終堅定地朝著實現我們的 2025 年戰略目標邁進。

Let's move on the next slide, please. From the operations side, we continue to demonstrate robust operational performance across all business segments, sustaining elevated production levels, consolidating the recovery in refining following first half maintenance, as well as delivering outstanding results in transportation.

請繼續下一張投影片。從營運方面來看，我們繼續在所有業務部門展現出強勁的營運業績，保持了較高的生產水平，鞏固了上半年檢修後煉油業務的複蘇，並在運輸方面取得了優異的成績。

Over the last nine months, the average production was 751,000 barrels per day, placing us near to the top up of our annual guidance range. This was driven by the strong contribution from strategic actions in Colombia, such as Cano Sur and CPO-09, as well as the Permian Basin in the US and targeted actions to mitigate different production in Cano Limon oil fields.

過去九個月的平均日產量為 751,000 桶，接近我們年度指導範圍的上限。這主要得益於哥倫比亞的戰略行動，如卡諾蘇爾油田和 CPO-09 油田，以及美國的二疊紀盆地，還有為緩解卡諾利蒙油田不同產量而採取的有針對性的行動。

Exploration activity exceeded expectations with 10 oils drilled and three currently underway for the remaining of 2025 reinforcing Colombia's natural gas potential. In transportation, we have achieved an average throughput of 1,098,000 barrels per day as of September, supported by a cutting-edge operational solutions to effectively mitigate external disruptions.

勘探活動超出預期，已鑽探 10 個油井，另有 3 個油井正在開發中，預計將於 2025 年剩餘時間內完成，這進一步鞏固了哥倫比亞的天然氣潛力。在運輸方面，截至 9 月，我們已實現平均每天 1,098,000 桶的吞吐量，這得益於先進的營運解決方案，有效緩解了外部幹擾。

Key strategic milestones include the Covenas-Barrancabermeja connection via the reversal of the Covenas-Ayacucho system and regulatory approvals from the Environmental Authority for LNG reception and regasification infrastructure in Covenas, hence advancing the country's energy security agenda as well as enabling profitable system adaptation.

關鍵戰略里程碑包括透過逆轉 Covenas-Ayacucho 系統實現 Covenas-Barrancabermeja 連接，以及獲得環境管理局對 Covenas 液化天然氣接收和再氣化基礎設施的監管批准，從而推進該國的能源安全議程，並實現盈利的系統調整。

Refining operations rebounded strongly, reaching 413,000 barrels per day over the nine month period following the completion of major maintenance programs. Finally, we launched a multi-model logistics initiative between Barrancabermeja and Cartagena to export solid asphalt monthly with projected annual benefits ranging from $1 million to $2 million.

在完成重大維護計畫後的九個月內，煉油業務強勁反彈，日產量達到 413,000 桶。最後，我們啟動了巴蘭卡韋梅哈和卡塔赫納之間的多模式物流計劃，每月出口固體瀝青，預計每年可帶來 100 萬至 200 萬美元的收益。

Let's move on to the next slide, please. Our solid operating performance and a disciplined cost management strategy drove a clear recovery versus the previous quarter with an 11% increase in EBITDA to a margin of 41% and a 42% growth in terms of net income. On the commercial term, we have sustained a highly competitive crude differential, enabled by a productive marketing strategy that captures value in a low price environment.

請繼續下一張投影片。我們穩健的營運績效和嚴格的成本管理策略推動了與上一季相比的明顯復甦，EBITDA 成長 11% 至 41% 的利潤率，淨收入成長 42%。在商業方面，我們保持了極具競爭力的原油價差，這得益於我們高效的營銷策略，該策略能夠在低價環境下創造價值。

Ecopetrol continues executing its efficiency and profitability agenda, which contributed with COP4.1 trillion by the end of the third-quarter. These results reflect our ability to reduce and control costs, generate revenue, and ensure disciplined CapEx execution. Year-to-date, investment reached nearly $4.2 billion, representing 72% of our annual target, fully aligned with the strategy growth map communicated to the market.

Ecopetrol 繼續推進其效率和盈利能力提升計劃，截至第三季末，該計劃已貢獻了 4.1 兆哥倫比亞比索的收入。這些結果反映了我們降低和控製成本、創造收入以及確保嚴格執行資本支出的能力。今年迄今為止，投資額已接近 42 億美元，占我們年度目標的 72%，與向市場傳達的策略成長路線圖完全一致。

Let's move on to the next slide, please. We are making consistent progress on our sustainability agenda while positioning Ecopetrol as one of the best companies to work for in the energy sector. As part of our decarbonization strategy, we have successfully reduced greenhouse gas emission by 379,000 tons of Tier 2 equivalent as of September, an impact comparable to the annual energy consumption of 300,000 Colombian households. Our renewable energy capacity has reached 234 megawatts, driven by commissioning of the La Iguana Solar Farm at the Barrancabermeja refinery. This milestone strengthens much the competitiveness and sustainability of our energy supply.

請繼續下一張投影片。我們在永續發展議程方面不斷取得進展，同時將Ecopetrol打造成為能源產業最佳雇主之一。作為我們脫碳策略的一部分，截至 9 月，我們已成功減少了相當於 379,000 噸二級溫室氣體的排放，這一影響相當於 30 萬個哥倫比亞家庭的年能源消耗量。我們的再生能源產能已達到 234 兆瓦，這主要得益於巴蘭卡韋梅哈煉油廠的拉伊瓜納太陽能發電廠的投產。這項里程碑大大增強了我國能源供應的競爭力和永續性。

To deliver these initiatives, we have invested over COP321 billion in our sustainable territorial development portfolio, generating inclusive economic and social growth in the regions where we operate. Our commitment with sustainability has been recognized by the Global Compact Network Colombia, which highlights our best practice and sustainable development.

為了實現這些目標，我們已在永續區域發展組合中投資超過 3,210 億哥倫比亞比索，在我們營運的地區創造了包容性的經濟和社會成長。我們對永續發展的承諾得到了哥倫比亞全球契約網絡的認可，該網絡重點介紹了我們的最佳實踐和永續發展。

Additionally, we obtained the ISO 37001 certification, reflecting Ecopetrol's dedication to ethical business conduct and compliance with international anti-bribery standards. We are also proud of the progress made in strengthening our organizational culture.

此外，我們還獲得了 ISO 37001 認證，這體現了 Ecopetrol 對商業道德和遵守國際反賄賂標準的承諾。我們也為在加強組織文化方面取得的進展感到自豪。

The Great Place to Work institute rate us at the very satisfactory level, with our Workplace Environment Index improving from 60 to 68, reflecting our focus on employee wellbeing, sustainable growth, and long-term value creation. These achievements confirmed our strategic commitment to energy transition, operational excellence and value generation for our shareholders and stakeholders.

卓越職場研究所對我們的評價為非常令人滿意，我們的工作場所環境指數從 60 提高到 68，這反映了我們對員工福祉、永續成長和長期價值創造的重視。這些成就證實了我們對能源轉型、卓越營運以及為股東和利害關係人創造價值的策略承諾。

Now I give the floor to Rafael, who will talk to us about the Hydrocarbons line. Note without first, thanking him for his results during the two years as Executive Hydrocarbon Vice President. His contributions to reaching these achievements were fundamental for the consolidation of our strategy. We wish you success in your new role within the Ecopetrol Group.

現在我把發言權交給拉斐爾，他將向我們介紹碳氫化合物產品線。無需事先感謝他在擔任碳氫化合物執行副總裁的兩年期間所取得的成就。他對這些成就的貢獻對於鞏固我們的策略至關重要。祝您在Ecopetrol集團的新崗位上取得成功。

Thank you, Ricardo. During the third-quarter, we achieved key milestones in exploration and production that strengthened the competitiveness of our portfolio. Among the main developments we find, the drilling of 10 exploratory wells, 8 funded by the Ecopetrol Group, 2 drilled under a sole risk scheme by our partners and 3 currently in progress. The declaration of commerciality of Toritos and Saltador discoveries in Llanos 123 block, enabling the incorporation of proved reserves and continued resources, achieving 4 commerciality declarations so far this year.

謝謝你，里卡多。第三季度，我們在勘探和生產方面取得了關鍵里程碑式的成就，增強了我們投資組合的競爭力。我們發現的主要進展包括：鑽探了 10 口勘探井，其中 8 口由 Ecopetrol 集團出資，2 口由我們的合作夥伴以單一風險方案鑽探，還有 3 口目前正在進行中。宣布 Llanos 123 區塊的 Toritos 和 Saltador 油田具有商業價值，從而可以納入已探明儲量和持續資源，今年迄今已宣布 4 個具有商業價值。

The ANH approved a four-year extension of the Piedemonte exploration and production agreement, allowing the drilling of a new exploratory well and opening opportunities in areas nearby existing infrastructure. Throughout the current year, the business case, the limitation phase of the discovery was successfully completed, marking a key milestone in the projects development.

ANH 批准將 Piedemonte 勘探和生產協議延長四年，允許鑽探一口新的勘探井，並為現有基礎設施附近的地區創造機會。今年，商業案例和探索的限制階段已順利完成，標誌著專案發展的關鍵里程碑。

Regarding feasibility activities, the prior consultation process is underway with the 120 certified communities for the submarine, pipeline, and beach crossing. This process, led by the National Authority for Prior Consultations, DANCP, has reached 52% progress.

關於可行性活動，目前正在與 120 個已認證的社區就海底、管道和海灘穿越工程進行事先磋商。該進程由國家事先磋商管理局 (DANCP) 牽頭，目前已完成 52%。

On the production front, we reached a total accumulated production of 751,000 barrels of oil equivalent per day, in line with the target range of 740,000 to 750,000. This result reflects the strength of our diversified production portfolio with the highest levels of domestic crude production since 2021, and a record international production. Domestic crude production contributed with 519,000 barrels of oil per day, driven mainly by Caño Sur and CPO-09, which together added 24,000 additional barrels per day compared to the previous year.

在生產方面，我們累計日產量達到75.1萬桶油當量，符合74萬至75萬桶的目標範圍。這一結果反映了我們多元化生產組合的實力，國內原油產量達到 2021 年以來的最高水平，國際產量也創下歷史新高。國內原油日產量貢獻了 519,000 桶石油，主要得益於 Caño Sur 和 CPO-09 油田，這兩個油田的日產量比去年同期增加了 24,000 桶。

International production was supported by operations in the Permian, which reported an average annual net production of 106,000 barrels of oil equivalent per day before royalties. This represents 14% of the Ecopetrol Group's total production. Additionally, we achieved an accumulated EBITDA of $691 million, with a margin of 78% and capital savings of approximately 17% compared to the annual investment plan. Thanks to mitigation strategies for deferred production in the Cano Limon field. We achieved an incremental production of 4,400 barrels of oil per day compared to the previous quarter.

國際產量得到了二疊紀盆地作業的支持，該盆地報告稱，在扣除特許權使用費之前，平均年淨產量為每天 106,000 桶油當量。這佔Ecopetrol集團總產量的14%。此外，我們實現了累積 EBITDA 6.91 億美元，利潤率為 78%，與年度投資計畫相比，資本節省了約 17%。得益於卡諾利蒙油田延期生產的緩解策略。與上一季相比，我們每天的石油產量增加了 4400 桶。

On the cash front, the Florena UP16 development well began production on October '19, reaching an estimated sales volume of 12 million cubic feet per day. Enhanced recovery continues to be a key component of Ecopetrol Group's current and future production, representing 41% of total output as of September with 308,000 barrels of oil equivalent per day. Technologies such as tertiary recovery through air injection in the Chichimene field have enabled the addition of approximately 915 million barrels of oil equivalent in gross contingent resources.

在現金方面，Florena UP16 開發井於 2019 年 10 月開始生產，預計日銷售量達到 1,200 萬立方英尺。提高採收率仍然是 Ecopetrol 集團當前和未來生產的關鍵組成部分，截至 9 月，佔總產量的 41%，每日產量為 308,000 桶油當量。奇奇梅內油田採用空氣注入進行三次採油等技術，已使總探明資源量增加了約 9.15 億桶油當量。

Let's move to the next slide. For the third-quarter of 2025, the midstream segment reaffirmed its operational recovery, supported by increased transported volumes and financial stability. We transported an average of 1,118,000 barrels per day, representing a 1% increase compared to the third-quarter of 2024 and a 3% increase versus the second-quarter of 2025. This performance reflects two key drivers.

我們來看下一張投影片。2025 年第三季度，中游業務板塊在運輸量增加和財務穩定的支持下，再次確認了其營運復甦。我們平均每天運輸 1,118,000 桶，比 2024 年第三季成長 1%，比 2025 年第二季成長 3%。這一表現反映了兩個關鍵驅動因素。

First, the normalization of operations in Llanos Norte; and second, the recovery of the deliveries from refineries following the first half maintenance. Financially, the business remains robust with a growing EBITDA trend and a stable net income throughout the year. Key achievements during this quarter include the strategic advances that maximize infrastructure utilization and enhanced system efficiency and flexibility, such as the commissioning of the connection between Covenas and Barrancabermeja refinery through the reversal of the Covenas-Ayacucho system.

首先，恢復 Llanos Norte 的正常運作；其次，在完成上半年的維護後，恢復煉油廠的供貨。從財務角度來看，公司業務依然穩健，EBITDA 呈現成長趨勢，全年淨收入維持穩定。本季的主要成就包括最大限度地利用基礎設施和提高系統效率和靈活性的策略進步，例如透過 Covenas-Ayacucho 系統的反轉，啟用 Covenas 和 Barrancabermeja 煉油廠之間的連接。

This initial phase enables the import of 6,000 barrels of oil per day at a competitive tariff, expanding the crude basket available for refining and generating additional transported volumes for the segment. We record historic utilization levels in the Vasconia-Barrancabermeja refinery system and the Colombian oil pipeline, ODC.

初始階段能夠以具競爭力的關稅每天進口 6,000 桶石油，擴大可供煉油的原油種類，並為該領域帶來額外的運輸量。我們記錄了 Vasconia-Barrancabermeja 煉油系統和哥倫比亞石油管道 (ODC) 的歷史利用率水準。

Finally, in the area of diversification and sustainability, the segment received environmental approval from ANLA to develop LNG receiving and reclassification infrastructure in Covenas. Continuing with the refining segment results, performance was strengthened by the successful completion of the scheduled maintenances, increased unit throughput, strong margins, and sustained improvements in operational efficiency.

最後，在多元化和永續性方面，該部門獲得了 ANLA 的環境批准，可以在科韋納斯開發液化天然氣接收和重新分類基礎設施。繼續來看煉油業務的業績，規劃維護工作的成功完成、裝置產能的提高、強勁的利潤率以及營運效率的持續提升，都增強了業績。

Consolidated throughput reached approximately 429,000 barrels of oil per day, making this the second highest quarterly level in the segment's history. This result reflects the positive impact of completed maintenances, efforts to increase throughput, profitability, and a reduction in fuel oil production.

綜合原油日吞吐量達到約 429,000 桶，創下該業務板塊歷史上第二高的季度水準。這一結果反映了已完成的維護工作、提高產量、獲利能力以及減少燃油產量所取得的積極成果。

From January to September, the integrated gross refining margin grew by 22% compared to 2024, driven by an increased throughput in a favorable price and demand environment. This performance also reflects a strategic focus on maximizing high-value products. EBITDA continued its upward track, reflecting cost efficiency and a greater operational stability. Notable achievements include the recovery of electric reliability in Cartagena with completion of 30% on key milestones, solid asphalt exports and the launch of marine fuel blended with biodiesel, aligned with our sustainability strategy.

1月至9月，在有利的價格和需求環境下，加工量增加，推動了綜合毛煉油利潤率比2024年增長了22%。這一業績也反映了公司在策略上專注於最大化高價值產品的策略。EBITDA持續成長，反映出成本效益的提高和營運穩定性的增強。值得一提的成就包括：卡塔赫納電力可靠性的恢復，關鍵里程碑已完成 30%；固體瀝青出口；以及與我們的可持續發展策略相一致的生物柴油混合船用燃料的推出。

Let's move to the next slide. The efficiency program has strengthened its role as a key driver of value creation in the Hydrocarbons business line. We have executed targeted actions that have been crucial in maintaining a competitive unit cost. As of September 2025, the total unit cost in the Hydrocarbons business line stood at $45.5 per barrel, reflecting a reduction of $1.8 compared to the same period last year. Lifting costs reached $11.8 per barrel. That is $0.44 lower than in 2024, successfully meeting the target announced to the market. Despite the impact of exchange rate fluctuations on dollar denominated cost, the trend in local currency confirms our operational control, financial discipline, and commitment to driving a structural shift in key performance indicators.

我們來看下一張投影片。效率提升計畫鞏固了其作為碳氫化合物業務線價值創造關鍵驅動力的作用。我們採取了有針對性的措施，這些措施對於維持具有競爭力的單位成本至關重要。截至 2025 年 9 月，碳氫化合物業務線的總單位成本為每桶 45.5 美元，比去年同期減少了 1.8 美元。開採成本達到每桶11.8美元。這比 2024 年的目標低 0.44 美元，成功實現了向市場公佈的目標。儘管匯率波動對以美元計價的成本產生了影響，但以當地貨幣計價的趨勢證實了我們的營運控制、財務紀律以及推動關鍵績效指標結構性轉變的承諾。

In refining, the conversion index at the Barrancabermeja refinery continues its trend upward, demonstrating that operational efficiencies also contribute positive to business profitability. This progress has been enabled by initiatives such as reducing fuel oil output through diversification into products like asphalt and [artar], which have allowed us to redirect streams toward higher-value products such as diesel.

在煉油方面，巴蘭卡韋梅哈煉油廠的轉換率指數持續呈上升趨勢，這表明營運效率的提高也對企業獲利能力產生了積極影響。這項進展得益於一些舉措，例如透過多元化生產瀝青和[artar]等產品來減少燃油產量，使我們能夠將資源轉向柴油等高價值產品。

Let's move to the next slide. The Exploration and Production segment indicators show tangible progress in key operational efficiency. In the upper left corner, the energy management chart illustrates a gradual and structural reduction in energy intensity per barrels of fluids produced, partially offsetting the increased demand associated with higher fluid volumes.

我們來看下一張投影片。勘探與生產部門的各項指標顯示，關鍵營運效率方面取得了實質進展。左上角的能源管理圖表顯示，每桶流體的生產能耗強度逐漸降低，部分抵消了流體產量增加所帶來的需求成長。

Another key area has been the efficient cost management in subsurface operations, where over the past three years we have reduced both the number of maintenance required and the cost per intervention. In dilution, we have identified more cost-effective substitutes for naphtha such as LPG and other additives.

另一個關鍵領域是地下作業的有效成本管理，在過去的三年裡，我們減少了所需的維護次數和每次介入的成本。在稀釋方面，我們已經找到了比石腦油更具成本效益的替代品，例如液化石油氣和其他添加劑。

Additionally, even Brent prices levels, the value of naphtha decreased by 13% compared to the same period last year. Regarding investment maximization, we have improved key drilling metrics, including cost per foot drilled and average execution times. Furthermore, synergies in infrastructure have allowed us to fully leverage existing facilities, optimizing resources and generating greater value.

此外，即使布蘭特原油價格水準不變，石腦油的價值也比去年同期下降了 13%。在投資最大化方面，我們改進了關鍵鑽井指標，包括每英尺鑽井成本和平均執行時間。此外，基礎設施方面的協同效應使我們能夠充分利用現有設施，優化資源並創造更大的價值。

Now I will turn it over to Bayron, who will share the main milestones from the energy transition business line.

現在我將把發言權交給拜倫，他將分享能源轉型業務線的主要里程碑。

Thank you, Rafael. Good morning, everyone. For the Ecopetrol Group, securing a reliable energy supply is critical to ensuring uninterrupted operations across our value chain. In the third-quarter of 2025, our electricity demand increased by 11% compared to the same period in 2023, and by 6% versus 2024. Currently, we account for approximately 10% of the national electricity demand, and this figure is expected to continue growing over the coming years, particularly in the upstream segment.

謝謝你，拉斐爾。各位早安。對於 Ecopetrol 集團而言，確保可靠的能源供應對於保證我們整個價值鏈的持續運作至關重要。2025 年第三季度，我們的電力需求比 2023 年同期成長了 11%，比 2024 年同期成長了 6%。目前，我們約佔全國電力需求的 10%，預計未來幾年這數字將持續成長，尤其是在上游領域。

Our strategic focus is not only on warranting energy availability, but also on doing so in a cost-effective and sustainable manner. This is essential to optimize production costs and accelerate progress toward our decarbonization targets.

我們的策略重點不僅在於保障能源供應，還在於以經濟高效且永續的方式實現這一目標。這對於優化生產成本和加快實現脫碳目標至關重要。

From a competitiveness standpoint, our demand coverage through self-generation and contracts from the electricity market reached 91% between January and September 2025, up from 80% in the same period of 2024. This higher coverage has contributed to stabilizing our unit cost of electricity supply, enhancing predictability for investment planning and operational decision-making. Notably, the cumulative unit cost of electricity supply as of September decreased by 5% compared to 2024.

從競爭力角度來看，2025 年 1 月至 9 月期間，我們透過自發電和電力市場合約所實現的需求覆蓋率達到 91%，高於 2024 年同期的 80%。更高的覆蓋率有助於穩定我們的單位電力供應成本，並增強投資規劃和營運決策的可預測性。值得注意的是，截至 9 月，電力供應的累積單位成本與 2024 年相比下降了 5%。

In terms of renewable self-generation, we commenced energization of the La Iguana solar project in September, adding 26 megawatts of installed capacity. This asset will support cost emission reductions at the Barrancabermeja refinery and thereby upstream periods. With this addition, Ecopetrol's total operation of renewable self-generation capacity now stands at 254 megawatts, delivering cumulative savings of approximately COP42 billion year-to-date.

在再生能源自發電方面，我們於 9 月啟動了 La Iguana 太陽能項目，新增裝置容量 26 兆瓦。該資產將有助於降低巴蘭卡韋梅哈煉油廠的成本和排放，從而降低上游環節的成本和排放。此次新增項目使 Ecopetrol 的再生能源自發電總裝置容量達到 254 兆瓦，今年迄今累計節省約 420 億哥倫比亞比索。

Regarding the Windpeshi wind farm, we shared territorial engagement in July in collaboration with different institutional stakeholders towards strengthened community relations and monitor compliance with the commitments established during the prior consultations. To date, we have completed the follow-up and received more than 50% of the agreements associated with the formalized prior consultations with the communities located in the project area of influence.

關於 Windpeshi 風電場，我們在 7 月與不同的機構利益相關者合作，開展了領土參與活動，以加強社區關係並監督遵守先前諮詢中製定的承諾。到目前為止，我們已經完成了後續工作，並收到了與專案影響區域內社區事先正式諮詢相關的 50% 以上的協議。

Additionally, Ecopetrol has fully closed the acquisition of a portfolio of solar projects from Statkraft European Wind and Solar Holding. With this transaction, Ecopetrol becomes the sole owner of the acquired companies. This milestone reaffirms the group's commitment to the energy transition and the development of renewable solutions to strengthen its operations.

此外，Ecopetrol 已完全完成 Statkraft European Wind and Solar Holding 旗下太陽能專案組合的收購。透過此次交易，Ecopetrol 成為被收購公司的唯一所有者。這一里程碑再次印證了該集團致力於能源轉型和開發再生能源解決方案以加強其營運的承諾。

Moving to the next slide. First, I'd like to highlight the announcement of the commercialization of natural gas from the offshore Sirius field by Ecopetrol and Petrobras, with volumes of up to 249 million cubic feet per day and an estimated production start in 2030. Sales contracts are scheduled to be signed no later than December 12, 2025.

進入下一張投影片。首先，我想重點介紹Ecopetrol和Petrobras宣布的從海上Sirius氣田開採天然氣的商業化消息，日產量高達2.49億立方英尺，預計將於2030年開始生產。銷售合約計畫最遲於2025年12月12日簽署。

We're also advancing the gas supply optionality strategy in the Caribbean region through the Covenas LNG regasification project. This initiative includes the development of a natural gas hub featuring a flooring storage and regasification unit to receive and process imported LNG. Our midstream subsidiary, CENIT, will adapt existing infrastructure to enable efficient gas transportation to inland markets. The tender process for logistics and regasification services was launched on October 14, and is expected to conclude in January 2026.

我們也透過 Covenas LNG 再氣化計畫推進加勒比海地區的天然氣供應選擇策略。該計劃包括開發一個天然氣樞​​紐，其中包括一個地板式儲存和再氣化裝置，用於接收和處理進口的液化天然氣。我們的中游子公司 CENIT 將改造現有基礎設施，以實現向內陸市場高效輸送天然氣。物流和再氣化服務的招標流程於 10 月 14 日啟動，預計將於 2026 年 1 月結束。

In October, we implemented a contingency plan to safeguard the national gas supply during scheduled maintenance at the SPEC regasification terminal located in the Caribbean. Measures included strategic demand side management across upstream assets and refineries, as well as substitution with thermal energy sources. This enabled the release of 71 GBTUD to the market with average deliveries or 37 GBTUD between October 10 to 14 and 43 between October 15 and 16. We continue to strengthen Colombia's gas supply through commercialization of natural gas from the Florena field and LPG sourced from our refineries and production sites.

10 月，我們實施了一項應急計劃，以保障位於加勒比海的 SPEC 再氣化終端在計劃維護期間的國家天然氣供應。相關措施包括對上游資產和煉油廠進行策略性需求面管理，以及以熱能取代傳統能源。這使得 71 GBTUD 原油得以推出市場，10 月 10 日至 14 日期間平均投放 37 GBTUD 原油，10 月 15 日至 16 日期間平均投放 43 GBTUD 原油。我們透過弗洛雷納氣田天然氣的商業化以及從我們的煉油廠和生產基地獲得的液化石油氣，不斷加強哥倫比亞的天然氣供應。

Lastly, in August, we broke ground on the Coral hydrogen project, a key component of our low carbon strategy. As of today, the project has reached 55% completion. The green hydrogen produced will be integrated into the Cartagena refinery and will be used in the production of sustainable fuels commissioning is expected in Q2 2026.

最後，在 8 月份，我們啟動了 Coral 氫能項目，這是我們低碳策略的關鍵組成部分。截至今日，該項目已完成55%。所生產的綠色氫氣將併入卡塔赫納煉油廠，用於生產永續燃料，預計 2026 年第二季投入使用。

I now hand over to Camilo Barco, who will walk us through the financial performance for the period.

現在我將把發言權交給卡米洛·巴爾科，他將為我們介紹該期間的財務表現。

Thank you, Bayron. This third-quarter reaffirms our resilience and discipline in a challenging environment, marked by a nearly 15% decline in Brent prices year-to-date. The Ecopetrol Group demonstrated its ability to adapt, seize opportunities, and maintain operational and financial stability.

謝謝你，拜倫。第三季再次證明了我們在充滿挑戰的環境中展現的韌性和自律性，今年迄今為止，布蘭特原油價格下跌了近 15%。Ecopetrol集團展現了其適應環境、抓住機會以及保持營運和財務穩定的能力。

The quarter closed with an EBITDA of COP12.3 trillion, an EBITDA margin of 41% and a net income of COP2.6 trillion, surpassing the performance of the previous quarter. This was driven by the recovery in the refining segment, strict OpEx control and improved results from ISA, which offset the impact of exchange rate fluctuations and a low price environment.

本季 EBITDA 為 12.3 兆哥倫比亞比索，EBITDA 利潤率為 41%，淨利潤為 2.6 兆哥倫比亞比索，超過了上一季的業績。這主要得益於煉油業的復甦、嚴格的營運支出控制以及ISA績效的改善，這些因素抵消了匯率波動和低價格環境的影響。

As of September 2025, cumulative EBITDA reached COP36.7 trillion, reflecting our strong adaptability through a commercial strategy that leverage favorable product and crude differentials, solid productions, and a rigorous efficiency program. These strategies partially offset the material impact of price declines, inflationary pressures and OpEx and major refinery maintenance and nonrecurring tariffs adjustment in ISA Brazil.

截至 2025 年 9 月，累計 EBITDA 達到 36.7 兆哥倫比亞比索，這反映了我們透過利用有利的產品和原油價差、穩健的生產以及嚴格的效率計劃的商業戰略所展現出的強大適應能力。這些策略在一定程度上抵消了價格下跌、通膨壓力、營運支出以及巴西煉油廠重大維護和非經常性關稅調整的實質影響。

The Exploration and Production segment, which is highly sensitive to crude prices, accounted for 53% of EBITDA. Meanwhile, the Transportation, Transmission and Toll Road segment naturally hedged against market volatility, contributed 42%. The remaining 5% came from the Refining segment, which began a recovery path, capturing improved margins in recent quarters.

勘探與生產部門對原油價格高度敏感，佔 EBITDA 的 53%。同時，交通運輸、輸電和收費公路板塊自然對沖了市場波動，貢獻了 42% 的收益。剩餘的 5% 來自煉油業務，該業務已開始復甦，近幾個季度利潤率有所提高。

Transmission and Toll Roads contributed COP2.5 trillion in EBITDA during the third-quarter and COP6.6 trillion year-to-date through September 2025. This was supported by the commissioning of new transmission projects generating revenue, the positive impact of contractual escalators, indexing contract income and stronger performance in the road construction business. However, nonrecurring events affected year-over-year comparisons, mainly due to the tariff reviews in ISA Brazil during 2024 and 2025, as well as provisions related to [IDEs] account receivable.

輸電線路和收費公路在第三季貢獻了 2.5 兆哥倫比亞比索的 EBITDA，截至 2025 年 9 月，今年迄今已貢獻了 6.6 兆哥倫比亞比索的 EBITDA。這得益於新建輸電項目帶來的收入、合約價格上漲的正面影響、合約收入指數化以及道路建設業務的強勁表現。然而，非經常性事件影響了同比比較，主要是由於 ISA 巴西在 2024 年和 2025 年的關稅審查，以及與 [IDEs] 應收帳款相關的準備金。

Regarding our efficiency program, we have focused on four key levers throughout the year. First, crosscutting cost, where the optimized procurement of goods and services control demand and advance digitalization. Second, maintenance through material reuse, reliability improvements, and reductions in operating costs. Third, energy costs, where we promoted energy efficiency, substitute fuels, utilized gases and incorporated self-generated renewable energy to reduce exposure to spot market energy prices. And fourth, the logistics team, optimizing crude lending, liquefied transport, and operations.

關於我們的效率提升計劃，我們全年都專注於四個關鍵槓桿。首先是跨領域成本，即透過優化商品和服務的採購來控制需求並推動數位化。其次，透過材料再利用、提高可靠性和降低營運成本來進行維護。第三，在能源成本方面，我們提倡提高能源效率、使用替代燃料、利用氣體並採用自發電再生能源，以減少對現貨市場能源價格的依賴。第四，物流團隊負責優化原油貸款、液化石油氣運輸和營運。

Thanks to these efforts, we have achieved COP4.1 trillion in efficiencies this year, 40% above our target for this period. Additionally, the measures announced in the first-quarter show 84% progress in cost and expense reduction actions and 77% progress in investment optimization. These measures have a positive effect on lifting cost, cash flow, debt, and CapEx and will be an integral part of our 2026 strategic plan.

由於這些努力，我們今年實現了 4.1 兆哥倫比亞比索的效率提升，比我們同期目標高出 40%。此外，第一季公佈的措施顯示，成本和費用削減行動取得了 84% 的進展，投資優化取得了 77% 的進展。這些措施對降低成本、現金流量、債務和資本支出有積極作用，並將成為我們 2026 年策略計畫的重要組成部分。

Let's move on the next slide. We continue to maintain healthy liquidity. As of the end of September, Ecopetrol Group's cash position stood at COP14.1 trillion, reflecting an increase of COP1 trillion compared to the previous quarter. This result was driven by operational activity and the sale of short-term debt securities, which enabled us to reduce short term debt, meet debt service obligations and finance investment plans. In this regard, the group's liquidity is secured until the year-end.

我們來看下一張投影片。我們持續保持健康的流動性。截至9月底，Ecopetrol集團的現金儲備為14.1兆哥倫比亞比索，比上一季增加了1兆哥倫比亞比索。這一結果主要得益於營運活動和短期債務證券的出售，這使我們能夠減少短期債務，履行償債義務，並為投資計劃提供資金。就此而言，該集團的流動性可保障至年底。

On the tax front, it is worth noting that between January and September, Ecopetrol SA and the Cartagena refinery accumulated tax credits totaling COP12.2 trillion. In parallel, COP5.2 trillion of these credits have been offset against tax obligations through the year. From a cash perspective, the company is actively managing the working capital impact to mitigate their effects.

在稅收方面，值得注意的是，從 1 月到 9 月，Ecopetrol SA 和卡塔赫納煉油廠累計獲得了總計 12.2 兆哥倫比亞比索的稅收抵免。同時，其中 5.2 兆哥倫比亞比索的稅收抵免額已在年內用於抵銷稅款。從現金流角度來看，公司正在積極管理營運資金的影響，以減輕其影響。

Additionally, we can now affirm that the FEPC fuel price stabilization fund no longer represents a material impact on our working capital. Accumulations during the second and third-quarters were below COP1 trillion, reflecting the government's effort to reduce this account as well as the influence of international prices and exchange rate on the balance. We have also made 80% progress toward our internal working capital management goal set in March, thanks to coordination with subsidiaries, optimization of financial expenses and the gradual unwinding of repos on securities received as payment from FEPC.

此外，我們現在可以確認，FEPC 燃料價格穩定基金不再對我們的營運資金產生重大影響。第二季和第三季的累積金額低於 1 兆哥倫比亞比索，這反映了政府為減少該帳戶所做的努力，以及國際價格和匯率對收支平衡的影響。由於與子公司協調、優化財務費用以及逐步解除從 FEPC 收到的作為付款的證券回購交易，我們在 3 月份設定的內部營運資本管理目標方面也取得了 80% 的進展。

Regarding exchange rate management, we continued executing FX hedging strategies that protected between 11% and 15% of dollar-denominated revenues during the third-quarter. We also initiated coverage for the period from May to December 2026. This active management allows us to partially mitigate market risk associated with the Colombian peso's appreciation.

在匯率管理方面，我們繼續執行外匯對沖策略，在第三季保護了 11% 至 15% 的美元計價收入。我們也啟動了 2026 年 5 月至 12 月期間的保險覆蓋範圍。這種積極的管理方式使我們能夠部分降低與哥倫比亞比索升值相關的市場風險。

Now let's move on the next slide. Our financing strategy is built on three basic pillars. First, the prepayment of short-term obligations, including treasury loans and repos with a commitment to close the year without incremental debt associated with the organic plan. Second, the renegotiation of all bank debt currently underway, aiming to reduce dollar-denominated debt cost by up to 105 basis points and local debt cost by 85 basis points. This operation has been already approved by the Ministry of Finance and Public Credit, reaffirming the financial system confidence in Ecopetrol's strength.

現在我們來看下一張投影片。我們的融資策略建立在三大基本支柱之上。首先，提前償還短期債務，包括國庫貸款和回購協議，並承諾在年底前實現與有機成長計畫相關的零新增債務。其次，目前正在對所有銀行債務進行重新談判，目標是將美元計價的債務成本降低至多 105 個基點，將本地債務成本降低至多 85 個基點。該操作已獲得財政和公共信貸部的批准，再次顯示金融體系對Ecopetrol實力的信心。

Third, new facilities such as the committed COP700 billion credit line announced with Davivienda, which will serve as a liquidity backstop in challenging environment. We are also advancing the restructuring of financial schemes for the inorganic opportunities in renewable energy, aiming to reduce the group's energy cost. This comprehensive management allows us to maintain healthy debt levels.

第三，與 Davivienda 宣布的 7,000 億哥倫比亞比索信貸額度等新融​​資安排，將在充滿挑戰的環境下發揮流動性支持作用。我們也正在推動再生能源領域無機成長機會的財務方案重組，旨在降低集團的能源成本。這種綜合管理方式使我們能夠維持健康的債務水準。

As of September, the gross debt-to-EBITDA ratio stood at 2.4 times. Excluding ISA's debt and the debt related to its acquisition, the ratio was 1.7 times below the industry median. A key highlight is the reaffirmation of our credit rating by Fitch Ratings, which emphasizes Ecopetrol's strategic importance to the country, our financial strength and operational stability. The global credit rating was maintained at BB plus and the stand-alone credit profile at BBB minus.

截至9月份，總債務與EBITDA比率為2.4倍。如果排除 ISA 的債務和與其收購相關的債務，該比率比行業中位數低 1.7 倍。一個重要的亮點是惠譽評級重申了我們的信用評級，這強調了Ecopetrol對國家的戰略重要性、我們的財務實力和營運穩定性。全球信用評等維持在 BB+，獨立信用評等維持在 BBB-。

Let's now move on the next slide. The third-quarter showed strong investment momentum, with cumulative CapEx reaching $4.179 billion, representing 72% of the annual plan. Investments were distributed as follows: 62% in Hydrocarbons, primarily in Exploration and Production met, strategic refinery projects such as emissions control and fuel quality improvements and ensuring continuity of refinery and transportation network operations; 13% in Energies for the Transition, focused on strengthening the gas value chain in the Caribbean and Piedemonte regions; and 25% in Transmission and Toll Roads, with over $1 billion invested.

現在我們來看下一張投影片。第三季投資動能強勁，累計資本支出達到 41.79 億美元，佔年度計畫的 72%。投資分配如下：62% 用於油氣，主要用於勘探和生產，戰略煉油廠項目，例如排放控制和燃料品質改進，以及確保煉油廠和運輸網絡運營的連續性；13% 用於轉型能源，重點是加強加勒比海和皮埃蒙特地區的天然氣價值鏈；25% 用於輸電和收費公路，投資超過 10 億美元。

Of this, 91% went to energy transmission in Brazil, Peru and Colombia, 8% to road infrastructure in Panama and Chile and 1% to the telecommunications sector in Colombia. 62% of investments were executed in Colombia, followed by Brazil with 21%, the United States with 12%, and other countries with 5%. Growth investments accounted for 75% of the total, with the remainder allocated to maintenance needs.

其中，91%用於巴西、秘魯和哥倫比亞的能源輸送，8%用於巴拿馬和智利的道路基礎設施，1%用於哥倫比亞的電信業。 62%的投資在哥倫比亞完成，其次是巴西（21%）、美國（12%）和其他國家（5%）。成長投資佔總數的 75%，其餘部分用於維護需求。

In terms of capital discipline, we have achieved 77% progress on measures aimed at capturing CapEx flexibility with a target of $500 million to safeguard production for the remainder of the year. It is important to highlight that our investment plans is designed around the price range that allows us to adapt to various scenarios, maintaining capital discipline and ensuring competitive return.

在資本紀律方面，我們在旨在獲得 5 億美元資本支出彈性的措施方面取得了 77% 的進展，以保障今年剩餘時間的生產。值得強調的是，我們的投資計劃是圍繞價格區間設計的，這使我們能夠適應各種情況，保持資本紀律並確保具有競爭力的回報。

Looking ahead to 2026, we anticipate a more challenging price environment. Our focus will be on strengthening the group's resilience and competitiveness. We are committed to keeping the lifting cost low $12 per barrel, ensuring an efficient and sustainable cost structure. We will maintain a strict capital discipline and healthy debt metrics, prioritizing cash preservation to ensure liquidity in adverse scenarios.

展望2026年，我們預期價格環境將更具挑戰性。我們將重點放在增強集團的韌性和競爭力上。我們致力於將起吊成本保持在每桶 12 美元的低位，以確保高效且可持續的成本結構。我們將保持嚴格的資本紀律和健康的債務指標，優先考慮現金儲備，以確保在不利情況下擁有流動性。

Additionally, we will incorporate through efficiency initiatives to maximize value and deliver attractive returns to our shareholders. The Ecopetrol Group continues to demonstrate that even amid volatility, it is possible to maintain solid operations, disciplined financial management and clear strategic vision.

此外，我們將透過提高效率的舉措，最大限度地提高價值，並為股東帶來可觀的回報。Ecopetrol集團不斷證明，即使在市場波動的情況下，也能維持穩健的營運、嚴謹的財務管理和清晰的策略願景。

Now I will turn it over to the President, who will present the conclusions.

現在我將把發言權交給總統，由他來陳述結論。

Thank you, Camilo. The results delivered this quarter put us in a strong position to meet our operational and financial objectives for 2025. Finally, we are advancing in the transformation of our infrastructure to support new energy sources and the ongoing integration of nonconventional renewable energy, reinforcing our ability to contribute profitably to Colombians' energy security.

謝謝你，卡米洛。本季的業績使我們處於有利地位，能夠實現 2025 年的營運和財務目標。最後，我們正在推動基礎設施轉型，以支持新能源和持續整合非常規可再生能源，從而增強我們為哥倫比亞人民的能源安全做出盈利性貢獻的能力。

We will continue to prioritize cost optimization, business enhancement, operational agility and monitoring of market dynamics and global developments. These actions have enabled us to reverse adverse trends across all key performance indicators while aligning the growth work for our 2026 financial plan, which will be announced shortly.

我們將繼續優先考慮成本優化、業務提升、營運靈活性以及對市場動態和全球發展的監控。這些措施使我們能夠扭轉所有關鍵績效指標的不利趨勢，同時調整成長工作，以配合我們即將公佈的 2026 年財務計畫。

We appreciate your participation and invite you to continue with the Q&A session.

感謝您的參與，並邀請您繼續參加問答環節。

(spoken in foreign language)

（用外語說）

(Operator Instructions) Daniel Guardiola, BTG.

（操作說明）Daniel Guardiola，BTG。

I have a couple of questions. One has to do with Permian. Given the public discussion there is about a possible sale of this asset, could the administration please clarify if there is a formal instruction or a political request or a government expectation to sell this asset? And if so, are you considering to sell and is management agreeing to sell it? Could you please give us the rationale behind this? And if there is an analysis made that reviews the creation or destruction of the value if this Permian is sold?

我有幾個問題。其中一個與二疊紀有關。鑑於公眾正在討論出售該資產的可能性，請問政府能否澄清是否有正式指示、政治要求或政府預期出售該資產？如果是這樣，您是否考慮出售？管理層是否同意出售？請問您能否解釋一下這樣做的理由？如果進行分析，評估出售二疊紀盆地後價值的創造或毀滅情況呢？

And my second question is, on the chance that a member of senior management of Ecopetrol will be on the OFAC list, given the recent political setting, has the company evaluated the risk to have a management member on this list? And what do you think would be the impact it would have on Ecopetrol when it comes to financing, accessing markets and defaults, relationships with vendors? Those are my two questions.

我的第二個問題是，鑑於最近的政治形勢，如果Ecopetrol的高階主管被列入OFAC名單，該公司是否評估過管理階層被列入該名單的風險？您認為這將對 Ecopetrol 的融資、市場准入和違約情況以及與供應商的關係產生什麼影響？這就是我的兩個問題。

Daniel, this is Julian Lemos. I am the VP of Strategy and New Businesses. Let me answer the first question. As we said recently, with regards to the requirements made by local governments, Ecopetrol and its shareholders are not interested in the divestment of Permian. However, any decision that has to do with the portfolio of Ecopetrol will be analyzed with rigor and discussed within the Board of Directors, which is the body in charge of these decisions.

丹尼爾，我是朱利安‧萊莫斯。我是策略與新業務副總裁。讓我來回答第一個問題。正如我們最近所說，針對地方政府提出的要求，Ecopetrol 及其股東對剝離二疊紀盆地不感興趣。然而，任何與 Ecopetrol 投資組合有關的決定都將經過嚴格分析，並在董事會內部進行討論，董事會是負責這些決定的機構。

Daniel, good morning. This is Rodolfo Garcia, the Chief Compliance Officer. Ecopetrol has a corporate governance system and a compliance that's sound and robust. Within that framework, we make an ongoing monitoring of our setting, and we evaluate this and other scenarios based on risk. So we identify different scenarios and mitigations that can ensure the operation of the company and the compliance of the norms.

丹尼爾，早安。這位是首席合規官魯道夫·加西亞。Ecopetrol擁有健全且強大的公司治理體系和合規機制。在此框架內，我們對自身所處的環境進行持續監測，並根據風險評估此情況及其他情況。因此，我們確定了不同的情境和緩解措施，以確保公司正常運作並遵守相關規範。

That's why in an event like the one you asked about, we have to analyze the specific program in which we have the task to ensure and keeping in mind that within it, we have the motivation, scope, and measures.

這就是為什麼在像你問到的那種情況下，我們必須分析我們負責確保的具體項目，並牢記其中的動機、範圍和措施。

Camilo Barco. Just to complement the answer given by Rodolfo regarding the [FAC]. Well, it's worth mentioning that aligned with the analysis of scenarios and depending on the program magnitude and scope of eventual sanctions, we have foreseen a mitigation plan. And within it, there are specific measures to reduce or eliminate any risk related to access to capital markets and with a strict compliance of all of our financial obligations.

卡米洛·巴爾科。補充一下 Rodolfo 關​​於以下問題的答案：[FAC]。值得一提的是，根據對各種情況的分析，並根據專案的規模和最終制裁的範圍，我們已經預見了一項緩解計劃。其中，有具體措施來降低或消除與進入資本市場相關的任何風險，並嚴格遵守我們所有的財務義務。

Andres Duarte, Corficolombiana.

安德烈斯·杜阿爾特，科菲哥倫比亞。

My first question has to do with the exchange rate. Could you give us more details about the impact it has on the revaluation which you had not foreseen in your recent plans? I have a sensibility of COP0.7 billion in the devaluation or revaluation in the operating earnings. So how does it affect really the exchange rate?

我的第一個問題與匯率有關。您能否詳細說明一下，這會對重新估值產生哪些您在最近的計劃中沒有預料到的影響？我對營業利潤的貶值或重估有 7 億哥倫比亞比索的敏感度。那麼，這究竟會對匯率產生什麼樣的影響呢？

And the other question has to do -- yes. The other question has to do with Permian. No, I'm sorry with Sirius. And then specifically, I'd like to know what assistance is the national government providing to facilitate the advancement of this project? Are you giving priority to this strategic project for the country?

另一個問題也與此有關——是的。另一個問題與二疊紀有關。不，我和天狼星之間是矛盾的。具體來說，我想知道國家政府為促進該計畫的推進提供了哪些援助？你們是否優先考慮這個對國家具有戰略意義的計畫？

Or are you acting as any other company would of large size? I'd like to know how much help and facilitation have we received from the government to expect that by 2026, you have concluded all the consultations needed?

或者，你們的做法與其他大型公司並無二致？我想知道，為了確保到 2026 年你們能夠完成所有必要的磋商，我們從政府那裡得到了多少幫助和便利？

This is Camilo Barco again. To answer your first question on the exchange rate. Well, as you've said in your question, it's well known that our revenue are basically in dollars, and that makes us have an important impact from the exchange rate. When it comes to the sensibility analysis, you're right that sensibility for every COP100 of variation in the exchange rate can have an effect of COP700 billion on the net profit for the entire period of the year. So I would like to refer to the nine month period we have so far.

我是卡米洛·巴爾科。關於您提出的第一個匯率問題，我來回答一下。正如你在問題中所說，眾所周知，我們的收入基本上是以美元計價的，這使得匯率對我們產生重大影響。就敏感度分析而言，您說得對，匯率每變動 100 哥倫比亞比索，就會對全年的淨利潤產生 7,000 億哥倫比亞比索的影響。所以我想回顧一下我們目前為止的九個月時間。

Compared to that of last year, it does have a positive effect last year. We had an average rate of COP4,000 -- COP3,970, I believe. But today, the rate is at COP4,132 and average in the same period. So for this year and in this specific period, the contribution is positive, and it adds to the net profit, COP600 billion specifically related with the EBITDA. It has a positive contribution of COP1.1 trillion.

與去年相比，確實產生了正面影響。我記得平均匯率是 4,000 哥倫比亞比索到 3,970 哥倫比亞比索。但今天，匯率為 4132 哥倫比亞比索，與同期平均持平。因此，就今年和這一特定時期而言，貢獻為正，並為淨利潤增加了 6000 億哥倫比亞比索，具體與 EBITDA 相關。它帶來了1.1萬億哥倫比亞比索的積極貢獻。

The comment that you made related to the last quarter has made us take additional measures, and our financial plan for 2025 was built with the rate projected at COP4,150. But today, the level is lower, closer to COP3,950. That would imply to have to take additional measures to compensate this external factor.

您就上一季發表的評論促使我們採取了額外的措施，我們制定了 2025 年的財務計劃，預計匯率為 4,150 哥倫比亞比索。但如今，這一水平有所下降，接近 3950 哥倫比亞比索。這意味著需要採取額外措施來彌補這一外部因素。

It's worth highlighting that we have a coverage program, which has had positive effects related to the compensation of the exchange rate effect. And very important, in terms -- in accounting terms, what we've seen is a very good effect from the coverages or the hedge accounts that will allow us to have this exchange to our equity and neutralize the effect on our income statement. And with this, I would respond, everything has to do with your question with the exchange rate. And again, sorry, I said your name wrong.

值得強調的是，我們有一項保障計劃，該計劃在補償匯率影響方面產生了積極效果。非常重要的一點是——從會計角度來看，我們看到對沖帳戶或避險帳戶產生了非常好的效果，這將使我們能夠將這種資產交換到我們的權益中，並抵消對損益表的影響。對此，我的回答是，一切都與你提出的匯率問題有關。再次抱歉，我叫錯你的名字了。

I am Rafael Guzman, the Corporate VP of Hydrocarbons, and I'd like to answer your question regarding Sirius. Firstly, I'd like to remind you that the operator is Petrobras, and Petrobras leads all the activities for this development. Still, from Ecopetrol, we make an assistance in a close follow-up to help, of course, to meet the program as planned.

我是碳氫化合物公司副總裁拉斐爾·古茲曼，我想回答您關於 Sirius 的問題。首先，我想提醒各位，該專案的營運商是巴西石油公司（Petrobras），巴西石油公司主導著該專案的所有活動。不過，Ecopetrol 仍會提供密切的後續協助，當然是為了協助達成計畫目標。

When it comes to the government, we have ongoing desk with the ACP with the timetable that's very specific. And we continuously work with them. I'd like to take this opportunity and your question to thank the DANCP. The efforts in collaboration made to carry out this project with a program that has been established. Today, within the plan that we -- in which we are ending the consultations of flow by July 2026, and then we will begin the consultations for the connection to the Ballena station in La Guajira.

至於政府方面，我們與ACP有持續的溝通管道，並制定了非常具體的時間表。我們一直與他們保持合作。我想藉此機會和您的問題感謝 DANCP。為實施本項目，各方通力合作，並已製定相關計畫。今天，根據我們的計劃——我們將在 2026 年 7 月結束關於流量的磋商，然後我們將開始關於與拉瓜希拉的巴列納車站連接的磋商。

Again, with these activities made, we clearly have established how to act and meet the timetable and the gas delivered as mentioned.

再次強調，透過這些措施，我們已經明確瞭如何行動，如何按時完成任務，以及如何按時交付天然氣。

Ricardo Sandoval, Bancolombia.

里卡多·桑多瓦爾，哥倫比亞銀行。

I have a question on the process with the DIAN. I'd like to know if you have an embargo beyond everything you have, would it cause a default of the bonds? Is there -- are there clauses as well in the prospects of the bonds and the effects of this embargo? Could you please clarify this in this call?

我有一個關於DIAN流程的問題。我想知道，如果你們還有其他限制，例如在所有限制之外還有額外的限制，這是否會導致債券違約？債券前景和此次禁運的影響方面，是否也存在一些條款？請問您能否在這通通話中澄清一下這個問題？

Camilo Barco again. And thank you for your question. First, I'd like to highlight here that recently, the DIAN or the Tax Authority of Colombia stated officially and specifically, this discards any embargo in this controversy on the -- that for Ecopetrol. So this is first. And in addition to that statement within the stage of co-active charges, Ecopetrol Reficar have taken all the measures to protect the rights of Ecopetrol and of its refinery that at Cartagena.

又是卡米洛·巴爾科。謝謝你的提問。首先，我想在此強調，哥倫比亞稅務局（DIAN）最近正式明確表示，這消除了對哥倫比亞國家石油公司（Ecopetrol）的任何爭議禁令。這是第一點。除了上述聲明外，在共同訴訟階段，Ecopetrol Reficar 還採取了一切措施來保護 Ecopetrol 及其位於卡塔赫納的煉油廠的權利。

And within the order of ideas, we have seen tutelas presented that allow to avoid at all costs the possibility of a measure which, for us, in our opinion has no application in this case.

在思想秩序中，我們看到了一些保護措施，這些措施可以不惜一切代價避免採取我們認為在這種情況下不適用的措施。

In addition to this tutela, we requested an anticipated intervention to the control agencies, which today are supervising constantly the activities and give us the peace of mind and security that as a measure like this could affect the normal operation of Ecopetrol. The control entities will be assisting in the protection of this operation.

除了這項保護措施外，我們還要求監管機構進行預先幹預，這些機構目前正在不斷監督相關活動，讓我們感到安心和安全，因為這樣的措施可能會影響 Ecopetrol 的正常運作。控制實體將協助保護此行動。

With that said, I'd like to underscore that so far, Ecopetrol has been meeting very timely, all of its financial obligations. We are aware and careful to protect with all of our capabilities, the capacity to serve and meet our financial obligations. And therefore, we still meet our timetable in time and amount.

儘管如此，我還是要強調，到目前為止，Ecopetrol 一直非常及時地履行其所有財務義務。我們充分意識到並謹慎地運用一切能力來保護我們的服務能力和履行財務義務的能力。因此，我們仍然能夠按時按量完成計劃。

And simply, I'd like to say that anyway, an event or a situation different to what I mentioned, Ecopetrol has also taken measures its projection of its cash flow to serve any contingencies. Of course, any situation like this will depend on the amount determined. We are not aware one we trust that according to the statement by DIAN, this will not proceed. But depending on the amount of these measures, different protections and decisions will be made to ensure the compliance -- timely compliance of our obligations with the financial market.

簡而言之，我想說的是，無論如何，如果發生與我提到的不同的事件或情況，Ecopetrol 也已採取措施，對其現金流進行預測，以應對任何突發事件。當然，任何類似情況都將取決於最終確定的金額。我們目前還沒有看到任何可信的聲明，根據DIAN的說法，這件事不會發生。但根據這些措施的力度，將會採取不同的保護措施和決策，以確保我們及時履行對金融市場的義務。

(Operator Instructions)

（操作說明）

Luisa Belin, Morgan Stanley.

路易莎·貝林，摩根士丹利。

So my first question is regarding production. That remains sort of flat both year-on-year and quarter-on-quarter basis. So what would be the perspective in terms of 4Q '25 production? And how do you envision the production growth profile for 2026 amid the oil price volatility scenario, even if results so far are within the guidance from the company?

所以我的第一個問題是關於生產的。無論同比還是環比，這一數字都基本持平。那麼，2025年第四季的生產前景如何？即使目前的業績符合公司預期，您如何看待2026年油價波動情況下的產量成長前景？

And my second question is regarding refining margins, which posted a sequential improvement. But what would you believe -- it is a normalized level of refining EBITDA per barrel and what would be the steps going forward to reach these levels?

我的第二個問題是關於利潤率的提升，利潤率較上季有所改善。但你認為這是否意味著每桶煉油的正常 EBITDA 水平？為了達到這些水平，下一步該採取哪些措施？

Luisa, good morning. This is Rafael Guzman, Corporate VP of Hydrocarbons. Let me take your first question on production. And the second, Felipe Trujillo will be answering. He's the VP of Refining of Ecopetrol.

路易莎，早安。這是碳氫化合物業務副總裁拉斐爾·古茲曼。讓我先回答你關於生產方面的第一個問題。第二位回答問題的是費利佩·特魯希略。他是Ecopetrol煉油業務副總裁。

As you say well, we have a production to date of 751 barrels a day -- equivalent per day. And we hope that by the end of the year, we will be within the range that we've given to the market of 740 to 750. Surely, we'll be on the higher part of that range. By 2026, we are currently working on the plan, the investment plan. So we have not estimated the production we will have for next year.

正如你所說，我們目前的日產量為 751 桶——相當於每天 751 桶。我們希望在今年年底，我們的產品價格能夠達到我們向市場承諾的 740 至 750 的範圍。我們肯定會處於這個範圍的較高部分。到 2026 年，我們目前正在製定投資計劃。因此，我們尚未估算明年的產量。

Undoubtedly, as you've mentioned, we have to keep in mind the fall of the oil price, which -- that we've seen this quarter, and we expect it will happen also next year. But we're also hoping to be close to the production range that we're giving for 2025 to keep a similar one for 2026.

毫無疑問，正如您所提到的，我們必須牢記油價下跌，我們本季已經看到了這種情況，而且我們預計明年還會發生這種情況。但我們也希望能夠接近我們為 2025 年設定的產量範圍，以便在 2026 年保持類似的產量。

This is Felipe Trujillo, the VP of Refining and Production. After a lot of overhauls and stops programmed and scheduled, we have focused on five elements that have allowed us to improve the EBITDA and the yields of the refineries. These five elements are operating availability, utilization factor, sustained, increase of loads of each refinery, maximization of valuable products. And last but not least, assurance of the decrease of costs. This is the goal for the rest of the year.

這是煉油和生產副總裁費利佩·特魯希略。經過多次規劃和安排的檢修和停工，我們專注於五個要素，這使我們能夠提高煉油廠的 EBITDA 和收益率。這五個要素分別是運作可用性、利用率、持續性、各煉油廠負載增加、有價值產品最大化。最後但同樣重要的是，保證成本降低。這就是今年剩餘時間的目標。

And for 2026, this should assure in a scenario of good differentials like the ones we've seen in the second semester and even for the first semester of 2026 to have good yields when it comes to the refineries.

對於 2026 年而言，這應該能夠確保在像 2026 年下半年甚至上半年那樣的良好價差情況下，煉油廠能夠獲得良好的收益。

Nicolas Barros, Bank of America.

尼古拉斯·巴羅斯，美國銀行。

(spoken in foreign language)

（用外語說）

Nicolas, this is Rafael Guzman, Corporate VP of Hydrocarbons, again. As you know well, currently, we have a JV up to mid next year with an investment activity that has been predetermined. Eventually, this JV can be extended or otherwise, we'll continue working in Permian and specifically in Texas with the JOA we have signed, meaning we can have investments in JV with extension or investments that can be made under the JOA. Currently, we are considering and setting what is more convenient for Ecopetrol and propose this to Oxy at the proper time.

尼可拉斯，我是碳氫化合物公司副總裁拉斐爾‧古茲曼，再次為您服務。如您所知，目前我們有一個合資企業，投資活動已預先確定，合作期限至明年年中。最終，該合資企業可以延期，否則，我們將繼續在二疊紀盆地，特別是德克薩斯州開展業務，並簽署聯合營運協議。這意味著我們可以在合資企業延期後進行投資，或根據聯合營運協議進行投資。目前，我們正在考慮並確定對 Ecopetrol 更有利的方案，並在適當的時候向 Oxy 提出。

When it comes to the expected production for Permian next year, we expect production to be close to what we planned for this year, meaning close to 90,000 barrels per day. But as you've said, it will depend on what's agreed with our partner, Oxy, either -- JV or JOA after the first semester of next year.

就明年二疊紀盆地的預期產量而言，我們預計產量將接近我們今年的計劃，即接近每天 9 萬桶。但正如你所說，這取決於我們與合作夥伴 Oxy 達成的協議——明年第一學期之後是合資企業還是聯合營運協議。

And I believe that, that answers your second question related to the levels of investment. We are working on them right now, and we don't have the figures yet. But our interest is to maintain production in the assets of Permian.

我相信，這回答了你關於投資水準的第二個問題。我們正在研究這些問題，目前還沒有具體數據。但我們的目標是維持二疊紀盆地資產的生產。

(Operator Instructions)

（操作說明）

Guilherme Costa, Goldman Sachs.

吉列爾梅·科斯塔，高盛。

I have two quick ones. The first one on capital allocation, right? We have been seeing some news flow indicating that Ecopetrol could be seeking to divest from specific assets like the Permian. While on the other hand, we saw yesterday the announcement of acquisition of solar plant, right? I just would like to pick your thoughts here on what main assets the company would be seeking to divest from next year? And conversely, which assets do you think would make sense to acquire a stake on?

我有兩個簡短的問題。第一個例子是關於資本配置的，對吧？我們看到一些消息表明，Ecopetrol 可能正在尋求剝離某些特定資產，例如二疊紀盆地的資產。另一方面，我們昨天看到了收購太陽能發電廠的公告，對吧？我想聽聽您對公司明年計劃剝離哪些主要資產的看法？反過來，你認為哪些資產值得收購股份？

And my second question is on EBITDA, right, specifically for the upstream segment, which came in above what we were expecting, right? EBITDA increase, although oil price remains seasonally stable and the quarter production also came in flat quarter-over-quarter. Could you please help us better understand what were the main drivers for the enhancement in profitability for the upstream segment?

我的第二個問題是關於 EBITDA，對吧？特別是上游業務部分，它高於我們的預期，對吧？儘管油價保持季節性穩定，且季度產量環比持平，但 EBITDA 仍有所成長。能否請您幫助我們更了解上游業務獲利能力提升的主要驅動因素是什麼？

Guilherme, this is Rafael Guzman, Corporate VP of Hydrocarbons. I'd like to answer the part of CapEx allocation, and then I'll ask Julian Lemos to talk about these investments.

Guilherme，這位是碳氫化合物公司副總裁 Rafael Guzman。我想先回答有關資本支出分配的問題，然後我會請 Julian Lemos 談談這些投資。

The distribution of capital is always made by investing in assets of higher profitability. And that's the exercise that we are undergoing for next year. But in addition, we have other options like the ones we've made with partners to provide capital to Ecopetrol's assets that are not prioritized in our portfolio. You are well aware we have an alliance made with Parex in Putumayo to invest from projects COP350 million in that area where we do not plan to make investments. We expect this year also to complete another negotiation like this with another partner to give capital to other assets of Ecopetrol.

資本的分配總是透過投資於盈利能力更高的資產來實現的。這就是我們為明年所做的準備。此外，我們還有其他選擇，例如我們與合作夥伴共同製定的方案，為 Ecopetrol 在我們投資組合中未優先考慮的資產提供資金。您很清楚，我們與 Parex 在普圖馬約達成了一項聯盟，將在該地區投資 3.5 億哥倫比亞比索的項目，而我們並不打算在該地區進行投資。我們預計今年還將與另一家合作夥伴完成類似的談判，為 Ecopetrol 的其他資產提供資金。

This way, we maximize the value of our portfolio either with our own capital directly in the assets and more profitability and investments made with partners.

這樣，我們既可以利用自有資金直接投資資產，也可以透過與合作夥伴進行更多獲利和投資，最大限度地提高投資組合的價值。

Guilherme, this is Julian Lemos, VP of Strategy and New Businesses. Aligned with what Rafael just said, we are analyzing different options in Colombia, in which through different partners, we can together have activities in fields where there is a potential. However, in those fields, we do not have capital assigned to carry out that activity. This is a process that we've been working on for the entire year. It's -- they're plural.

Guilherme，這位是 Julian Lemos，戰略與新業務副總裁。正如拉斐爾剛才所說，我們正在分析哥倫比亞的各種選擇，透過不同的合作夥伴，我們可以在有潛力的領域共同開展活動。然而，在這些領域，我們沒有分配資金來進行這項活動。這是我們一整年都在努力推進的一個計畫。是——它們是複數形式。

While the agreements are made, we will be announcing them to the market. And it's something that we will continue to do next year. Provided, as Rafael said, we can maximize the profit and production through the incorporation of partners in specific assets.

協議達成後，我們將向市場公佈。明年我們也會繼續這樣做。正如拉斐爾所說，只要我們能夠透過將合作夥伴納入特定資產來最大限度地提高利潤和產量。

We continue with Joao Barichello.

接下來我們來聊聊若昂·巴里切洛。

No, let's answer the question on margins. How have we managed to keep margins in our assets? I think that there are three things. First, efficiency and costs, and you have seen the work we've done, for instance, lifting costs. So this year, in 2025, we could have an inflection point. We have stopped increasing cost. We're -- we have more cost -- lifting costs despite external pressures like a decrease of the exchange rate compared to the dollar.

不，我們來回答邊際效應的問題。我們是如何維持資產利潤率的？我認為有三件事。首先是效率和成本，你們也看到了我們所做的工作，例如降低成本。所以今年，也就是2025年，可能會迎來一個轉捩點。我們已停止提高價格。我們——我們增加了成本——儘管面臨匯率對美元下跌等外部壓力，我們仍在提高成本。

The other point is the maximization of the utilization of infrastructure. You heard Felipe recently talk about the operating availability, the factor of utilization of refineries. But we're also doing this in the midstream, as we mentioned, reversing one of the lines that we had before to export crude oil. We reversed this to import it, and that way, improve the utilization in midstream and the arrival of crude oil necessary for the refinery.

另一點是最大限度地利用基礎設施。你最近聽費利佩談到了煉油廠的運作可用性和利用率。但正如我們之前提到的，我們也在中游環節進行這項工作，將我們先前用於出口原油的一條管線改道。我們反過來進口原油，這樣可以提高中游環節的利用率，並增加煉油廠所需的原油供應。

And third is in the upstream area. And perhaps linked to the other question you made, the optimization of the portfolio of the upstream that I've mentioned as well as Julian.

第三個區域是上游區域。或許這與你提出的另一個問題有關，那就是我和朱利安提到的上游投資組合的最佳化。

Joao Barichello, UBS.

若昂·巴里切洛，瑞銀集團。

Regarding dividends, year-to-date net income is down by 32% year-over-year, which implies in a lower dividend considering the current policy. That said, do you expect payout to remain at the higher bound of guidance? And given lower oil prices, is there any discussion on potential changes to the policy?

關於股息，今年迄今的淨收入年減了 32%，這意味著根據目前的政策，股息將會減少。也就是說，您預期派息額會維持在預期上限嗎？鑑於油價走低，是否有關於政策可能改變的討論？

And my second one, do you see room for a reduction of lifting costs looking forward? Could we see a return to the $11 per barrel level at some point? And what will be the main triggers for that? That's it.

我的第二個問題是，您認為未來在降低起重成本方面是否有空間？我們是否會看到油價回落到每桶 11 美元的水平？那麼，主要的觸發因素是什麼呢？就是這樣。

This is Camilo Barco. When it comes to the dividends, it's important to highlight, as you mentioned in your question, that within Ecopetrol, we have a clear policy to distribute dividends that range between 40% and 60% of distributable profit. What we expect for next year and what we've been able to see that has been included in the fiscal medium-term policy is that the expectation of our majority shareholder is again to be as it was this year in the range of the dividend distribution policy. So it is possible that this will happen.

這是卡米洛·巴爾科。關於股息，正如您在問題中提到的，需要強調的是，Ecopetrol 有一項明確的政策，即分配可分配利潤的 40% 至 60% 作為股息。我們對明年的預期，以及我們從財政中期政策中看到的內容是，我們的大股東的預期將與今年一樣，維持股利分配政策的水平。所以這種情況有可能發生。

Our proposal for the distribution of dividends for next year will be within that range, closer to the medium range. But as we have said, the shareholders' meeting will take the final decision on the dividend to be distributed.

我們提出的明年股利分配方案將在該範圍內，更接近中等範圍。但正如我們所說，股東大會將對派發股息做出最終決定。

Joao, this is Rafael Guzman. And let me answer your second question. And yes, we are committed to have additional reductions of the lifting cost. And we have several activities for this. We'll continue with our efficiency plan, as you have seen in recent years and this year.

若昂，這位是拉斐爾·古茲曼。讓我來回答你的第二個問題。是的，我們致力於進一步降低起重成本。我們為此準備了多種活動。我們將繼續推行提高效率的計劃，正如你們近年來和今年所看到的那樣。

But also, we want to take measures with the assets with lower profitability that have high lifting costs. And the activities are turnover of portfolio, which makes -- which has to do with the disinvestments of these assets, but also increasing the production of other assets, as we mentioned before, including partners that place the capital and help us also to reduce the lifting costs. So we have these two activities and costs and increasing production of these assets of high lifting costs.

但同時，我們也希望對那些獲利能力較低、提升成本較高的資產採取措施。這些活動包括投資組合的周轉，這涉及這些資產的撤資，但也涉及到其他資產的生產，正如我們之前提到的，包括投入資本並幫助我們降低提款成本的合作夥伴。因此，我們有這兩項活動和成本，以及不斷增加這些高成本資產的生產。

Thank you. We have no other questions live. Now we will be reading others. Hernan Goicochea of LatinFinance asks, regarding your financing plans, what do you have to issue bonds in the global and local market of bonds?

謝謝。現場沒有其他問題了。接下來我們將繼續閱讀其他內容。LatinFinance 的 Hernan Goicochea 問道，關於你們的融資計劃，你們在全球和本地債券市場發行債券有什麼條件？

Again, this is Camilo Barco. It's important to repeat, as we've said before that Ecopetrol is working right now on its financial plan for 2026. But within this and with the projections and expectations we have regarding the performance of market prices and the efficiencies and savings that we're focusing on. There, we will know what's the flow -- the cash flow will have available to make investments. And also, we'll know which are the need to requirements for financing.

這位是卡米洛·巴爾科。需要再次強調的是，正如我們之前所說，Ecopetrol 目前正在製定其 2026 年的財務計劃。但在此基礎上，結合我們對市場價格表現的預測和預期，以及我們所關注的效率和節省。在那裡，我們將了解資金流向——可用於投資的現金流是多少。此外，我們也會知道哪些是融資的必要條件。

When it comes to financing, specifically, our goal is to reduce financial costs that we have today. And for that, we're working on different opportunities when it comes to management to improve the profile, the conditions and specifically the financial cost of these opportunities to finance. And with this in mind, systematically we monitor the market to see what are the best alternatives.

就融資而言，我們的目標是降低我們目前的財務成本。為此，我們正在努力尋找不同的管理機會，以改善這些機會的概況、條件，特別是降低這些機會的融資成本。基於此，我們會系統性地監測市場，以尋找最佳替代方案。

In the capital markets, there are conditions of liquidity and rates that seem to be convenient still. It's not a decision made yet. And on the short term, it's not an option when it comes to the capital market. Now we're working on different alternatives, especially with the financial system, with the banking system. And structuring the financing of projects that will be underway in 2026.

在資本市場，目前的流動性和利率條件似乎仍然比較有利。尚未做出決定。就資本市場而言，短期內這不是一個可行的選擇。現在我們正在研究不同的替代方案，尤其是在金融體系和銀行體系方面。並為 2026 年即將動工的專案製定融資方案。

Juan Pablo Ramirez from Banco Davivienda asks, could you tell us developments of the possible acquisition of Camacol?

來自 Banco Davivienda 的 Juan Pablo Ramirez 問道：您能否告訴我們有關收購 Camacol 的進展？

Juan Pablo, Julian Lemos, VP of Strategy and New Businesses. We cannot talk about this potential topic because of a confidentiality nature.

胡安·巴勃羅，朱利安·萊莫斯，策略與新業務副總裁。由於涉及保密事項，我們不能討論這個潛在的話題。

(technical difficulty) asks, could you provide more details on the new five-year loan facility, what's the rate? Is it a credit line that's revolving RCF? Or is it a loan? For this facility, are you profiling an agreement on specific assets or the entire company?

（技術難題）詢問，能否提供更多關於新的五年期貸款安排的詳細信息，利率是多少？這是循環信用額度嗎？還是這是一筆貸款？對於此設施，您是針對特定資產還是整個公司進行協議分析？

Give me a second, please. I don't have the name. [Teo]. With regards to the line committed, it's a committed line with a revolving credit at 700 -- COP700 billion. It's at a rate of IBR plus 2.65 and those are the conditions of that line. As the committed line, we will only use it as far as it is required. But what's important is that it is available as of now.

請稍等片刻。我不知道名字。[Teo]至於已承諾的信貸額度，這是一條循環信用額度為 700 億哥倫比亞比索的承諾信貸額度。它的速率為 IBR 加 2.65，這就是該線路的條件。作為一條已承諾的線路，我們將僅在需要時使用它。但重要的是，它現在已經可以使用了。

Jose Ortiz from Bancolombia asks, with regards to the suspension of operations in Tibu, what -- how can it be affecting the gas service, and until when this operation will be suspended?

來自哥倫比亞銀行的何塞·奧爾蒂斯詢問，關於蒂布的停運，這會對天然氣服務造成什麼影響，以及停駛將持續到什麼時候？

Jose, indeed, we have suspended the operation of the northern part of the field of Tibu, not the entire field. The gas production of this part is less than 1% of the total production of gas we have throughout Colombia. But it is an important source for Norte de Santander.

Jose，確實，我們暫停了蒂布油田北部區域的作業，而不是整個油田。該地區的天然氣產量不到哥倫比亞全國天然氣總產量的1%。但它是北桑坦德省的重要水源。

As you've mentioned, we are working hard with the authorities of Norte de Santander, the Army, the police, and other authorities to try to reestablish that operation as soon as possible today. The gas has been replaced from other sources. But of course, we're working to reestablish this operation as soon as possible.

正如您所提到的，我們正在與北桑坦德省政府、軍隊、警察和其他部門密切合作，爭取今天盡快恢復該行動。天然氣已從其他來源取代。當然，我們正在努力盡快恢復這項業務。

Thank you. We have no more questions. Let's hear Mr. Ricardo Roa, the President of Ecopetrol, for final remarks.

謝謝。我們沒有其他問題了。讓我們聽聽哥倫比亞國家石油公司總裁里卡多·羅阿先生的最後發言。

Okay. It seems that we have technical issues, but we'd like to give you all special thanks for joining us today and for providing us such interesting questions. We will continue working for the strategic goals of Ecopetrol to guarantee the energy safety of Colombia and to continue advancing in the energy transition of the country. Thank you again. We wish you a very good day.

好的。我們似乎遇到了一些技術問題，但我們還是要特別感謝各位今天加入我們，並向我們提出瞭如此有趣的問題。我們將繼續為實現哥倫比亞國家石油公司（Ecopetrol）的戰略目標而努力，以保障哥倫比亞的能源安全，並繼續推動該國的能源轉型。再次感謝。祝您今天過得愉快。

Thank you, all. With this we end our talk of the third-quarter of 2025. Thank you for attending. You may hang up.

謝謝大家。至此，我們關於 2025 年第三季的討論就結束了。謝謝各位的出席。您可以掛斷電話了。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。